Buy Your First Home at a Price You Can Afford

February 29, 2008

Dear Neighbor,

Despite the slowing real-estate market, lack of affordability is still the number one barrier to home ownership for a majority of 49th ward residents. If you are interested in owning a home in the 49th Ward, but don’t think you can afford to purchase one, we may be able to help you.

I have been working with the city of Chicago’s Department of Housing to create affordable condo purchase opportunities through Chicago’s Partnership for Affordable Neighborhoods program (CPAN). CPAN represents a partnership between my office, the Department of Housing, local developers, and the Rogers Park Community Development Corporation (RPCDC) to create and deliver affordable condos to low and moderate income first time home buyers.

In return for my support for a zoning change, I have required condominium developers in developments of ten units or more in the 49th Ward to set aside at least ten percent of their units for the CPAN program. Other developers who don’t need a zoning change also have participated in the program at my urging.

The CPAN condominiums typically are sold to income-qualified buyers at prices ranging from $140,000 to $165,000. Some income-qualified buyers may be eligible for additional purchase price assistance of up to $30,000. To determine if your income qualifies you for the program, click here.

All CPAN buyers are required to take three first-time homebuyer classes at the Rogers Park Community Development Corporation (RPCDC) prior to purchasing a CPAN unit. RPCDC is an experienced City-delegate, HUD certified housing counseling agency. To receive a copy of the class schedule, or if you have general questions, contact Christina Manzano at RPCDC, 773-338-7732 x29 or christina@rogerspark.org.

When a CPAN unit becomes available, a lottery is held among all eligible applicants who are interested in purchasing the unit. Details regarding CPAN lotteries will be explained in the first time homebuyer classes. The next CPAN lottery is scheduled for Tuesday, April 1st, 7:00 p.m., at my Ward Service Office, 7356 N. Greenview. Contact my staff assistant, Michael Land, at mland@cityofchicago.org or 773-338-5796 for more information regarding how to participate in this unique opportunity.

I am happy to facilitate these affordable condo purchase opportunities to residents of the 49th Ward. I urge you to take advantage of this unique opportunity.